esb certification exam study guide questions and a
the key objective of a small business owner is to
entrepreneurs are willing to take on new opportuni
when a purchases an item from a business it
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Esb Certification Exam Study Guide
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Domain 1 Lesson 1 - ANSWER✔✔
The key objective of a small business owner is to generate ____ - ANSWER✔✔
profits
Entrepreneurs are willing to take on new opportunities and unknown ____ to
grow their businesses rapidly - ANSWER✔✔ risks
Tangible items that require pick-up or delivery are ____ products - ANSWER✔✔
physical
When a ____ purchases an item from a business, it is a business-to-consumer
transaction - ANSWER✔✔ customer
____ are for-profit corporations with limited liability - ANSWER✔✔ S corporations
____ are ideal for international businesses - ANSWER✔✔ C corporations
The ____ oversees daily operational and administrative functions - ANSWER✔✔
Chief Operating Officer
A ____ votes on the management of a company - ANSWER✔✔ stockholder
,____ employees are paid a fixed amount each pay period - ANSWER✔✔ Salary
Businesses can compensate employees for work they produce when being paid by
____ - ANSWER✔✔ piece work
Businesses can offer ____ in addition to a lower salary - ANSWER✔✔ equity
During the ____ stage of the business life cycle, a company is regularly taking on
new customers and starting to generate a consistent income - ANSWER✔✔
survival
The owner may decide to sell their ownership in the company during the ____
stage - ANSWER✔✔ exit plan
The five elements of the design thinking process are ____ - ANSWER✔✔
empathize, define, ideate, prototype , and test
____ allows one to see and experience a customer's perspective - ANSWER✔✔
Empathy
The design team creates multiple inexpensive versions of a product, known as
____ - ANSWER✔✔ Minimum Viable Products
Name benefits of a franchise - ANSWER✔✔ less risk involved, tested operational
processes, or recognized brands
, No ownership, no US federal taxes - ANSWER✔✔ Non-profit
Best for international business even with being double-taxed - ANSWER✔✔ C
corporation
Easy to create but comes with unlimited liability - ANSWER✔✔ Sole
proprietorship
Lower tax rate that prevents the company from being double-taxed - ANSWER✔✔
S corporation
Ideal for a single owner seeking low risk - ANSWER✔✔ LLC (limited liability
company)
Shared financial backing - ANSWER✔✔ Partnership
Creates the company - ANSWER✔✔ Founder
Oversees company finances - ANSWER✔✔ CFO
Owns stock in the company - ANSWER✔✔ Stockholder
Reports to the board of directors - ANSWER✔✔ CEO
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